LONDON:

PRINTED BY A. P. BLUNDELL, 78, CHURCH STREET, S.E.

CONTENTS

OF

THE

SECOND

VOLUME.

FROM THE

TO THE

CHAPTER IX.

RENEWAL OF THE BANK CHARTER IN 1800,

ACT FOR THE RESUMPTION OF CASH

MENTS IN 1819.

PAY-

2

2. Opinions held in 1696, respecting the depreciation of paper

3. Opinion of Adam Smith respecting the market price of

Bullion

4. After the restriction prices estimated in Bank paper

5. Sudden rise in the market price of Gold in 1801 .

6. Discovery of the truth that a rise in the market price of gold

Bullion was a proof of the depreciation of the paper cur-

rency

7. This discovery due to Mr. Boyd, Lord King, and Mr. Thorn-

ton

233

3

4

8.

Peace of Amiens-continuation of the restriction

4

9.

Mr. Fox first declares the cause of the adverse exchange in

the House of Commons

10. Declaration of War in 1803-Lord King's principles of a

paper currency

7

11. The issues of country banks based upon Bank paper

12. Par of Exchange between England and Ireland

13. The Bank of Ireland directed to suspend payments in cash.

14. Extraordinary depression of the Exchange between London

and Dublin

8

8

15. Appointment of a Committee to inquire into the state of the

Irish Currency

9

16. First investigation into the theory of the paper currency by

currenc

Parliament

17. Opinions of the Directors of the Bank of Ireland

18. Their description of the extraordinary debasement of the Irish

PAGE

§ 19. Exchange with Belfast favourable to Ireland, while that with

Dublin adverse.

20. Difference of 12 per cent. between Exchange with Dublin and

with Belfast

21. The fact proved that a balance of payments was due to Ire-

land, while the Exchange was so depressed

22. First declaration of the opinion that gold had risen, and paper

had not fallen

23. Opinion of Mr. Marshall that Irish Bank notes were depre-

ciated

24. His evidence on the subject

12

13

13

14

15

16

16

25. The Theory of the Directors of the Bank of Ireland as to the

regulation of the paper currency

26. Report of the Committee

27. The Committee report that the Directors should regulate

their issues by the price of guineas and the foreign Ex-

changes

339

29. The Committee do not discuss the new theory of paper

currency

19

30. They recommend an assimilation of the English and Irish

31. Mr. Fox declares it to be a fantastical opinion that paper was

not depreciated, and that gold had risen

32. First declaration by a Parliamentary Committee that the

paper currency should be regulated by the Foreign

Exchanges.

33. Renewal of the Bank's loan to Government

34. Circumstances which lead to the great depreciation of the

British Currency

35.

Perfidious conduct of Prussia in 1805

36. The Berlin decree against British commerce in 1807

37. Immense speculation in 1808, and subsequent years

38. Great multiplication of country banks in 1809

39. Great rise in the market price of gold .

40. Appointment of the BULLION COMMITTEE

23

24

25

25

25

41. Report of 1810 identical in principle with that of 1804

42. Names of the Committee

53. One argument to shew that there was no difference in value

between guineas and Bank notes

34

34

35

36

54. Discussion on second point of difference between the two

parties

55. Opinion of a foreign merchant

56. Discussion of the third point of difference between the parties 37

57. Discussion of the fourth point of difference reserved

38

The same continued

73. The same continued

74. The same continued

75. The same continued

76. The same continued

77. The same continued

78. The same continued

79. The same continued

80. The Bullion Report is the standard by which all legislation

regarding the paper currency should be regulated

81. Resolutions of Mr. Horner

44

46

47

82. Mr. Rose's reply to Mr. Horner

83. Speech of Mr. Thornton

87. Examples of this given by Mr. Sharp

88. Instances given by Sir Francis Burdett .

89. Theory of the opponents of the Bullion Report

majority

84. Mr. Vansittart's resolutions

85. Historical untruth of the doctrine that the coinage never was

intended to contain any fixed quantity of bullion

86. Prevalence of a paper price and a cash price for goods

90. Rejection of the Bullion Report-Mr. Peel votes with the

91. Resolutions of Mr. Vansittart

92. Mr. Canning tries to persuade Mr. Vansittart to abstain from

pressing his resolution

93. Great absurdity of the law regarding the sale of guineas

894. Letter of Lord King

95. Lord Stanhope's Act in 1811
96. Opposed by Lord Grenville
97. Observations of Lord Stanhope

98. Absurdity of these opinions .

99. Lord Stanhope's Bill passed

100. Remarks upon overtrading of 1809 reserved.

101. Alleged injustice of making the Bank buy gold at the market

price.

102. High price of corn in 1812 .

57

58

103. Great speculations and increase of country banks in 1813 . 59

104. Very abundant harvest of 1813, and revulsion of credit in

1815-16

. 59

105. Great destruction of country bank paper in 1816; rise in the

foreign exchanges, and fall in the market price of gold. 60

106. Which is an example of the truth of the principles of the

Bullion Report

107. Partial resumption of cash payments in 1816

108. Restriction prolonged till July, 1818

109. Mismanagement of the Bank in 1818

110. Great drain of Bullion in 1818-19-appointment of Committee

by both Houses of Parliament to inquire into the ex-

pediency of resuming cash payments

111. Names of the Committee

60

112. Great change in the opinions of the mercantile world regard-

ing the principles of the Bullion Report

113. Opinion of Mr. Dorrein, Governor of the Bank

114. Opinion of Mr. Pole, Deputy-Governor of the Bank

115. Opinion of Mr. Haldimand, Director of the Bank

116. Opinion of Mr. Ward, Director of the Bank

117. Opinion of Mr. Samuel Thornton, late Director of the Bank. 70

118. Opinion of Mr. Irving

70

124. Resolution of the Bank of England in opposition to the evi-

dence of the mercantile witnesses

carefully studied

127. Speech of Lord Liverpool

128. Speeches of Lord Lauderdale and Lord King

130. The speeches of Lords Liverpool and Grenville deserve to be

131. Speech of Mr. Peel in the House of Commons

132. Speeches of various members

80

81

82